Post by oldman on Oct 22, 2013 14:58:31 GMT 7
Tune Hotel Melbourne was soft launched yesterday. Some articles on the hotel:
www.theage.com.au/travel/review-australias-first-tune-hotel-20131022-2vy4r.html
www.thestar.com.my/Travel/Oceania/2013/10/07/Australias-first-Tune-Hotel.aspx
www.brisbanetimes.com.au/photogallery/travel/inside-australias-first-tune-hotel-20131021-2vws3.html
www.abc.net.au/news/2013-10-21/tune-hotels-shares-their-secrets-to-success/5036126
------------------
Mon Nov 21, 2011 1:05 pm
Tks for the emails. As I currently own over 3.5% of this company, I would rather not comment too much on this company. Instead, what I will do is to post the latest relevant announcements here. The latest announcements suggest that this company may finally be on the move.
Wisma Char Yong along Ampang Road appears to be a substantial property which I think they bought at a really good price.
Earlier, they bought a hotel site in Edinburgh and built Tune Hotel Edinburgh, opposite Haymarket Station:
Post script additions:
Tune Hotel Ipoh
Tune Hotel, Melbourne
------------------
4th Nov 2011
The Board of Directors (the “Board” or the “Directors”) of Plato Capital Limited (the
“Company” and together with its subsidiaries, the “Group”) is pleased to announce that the
Company had through its subsidiaries, entered into agreements (the “Agreements”) to
acquire a 60-year lease of an office building known as Wisma Char Yong (the “Lease”) and six
(6) lots of adjoining vacant freehold land (the “Land”) (collectively, the “Acquisition”) at a
total consideration of RM10.6 million (equivalent to approximately S$4.26 million based on
an exchange rate of RM2.49 : S$1.00 as at 3 November 2011). The Acquisition was
transacted in two parts as follows:
1) The Lease is to be registered in the name of Plato-Straits Heritage Sdn. Bhd. (“PSH”)
(a 70%-owned subsidiary of the Company); and
2) The Land is to be registered in the name of Plato-Straits Heritage Properties Sdn.
Bhd. (“PSHP”) (a wholly-owned subsidiary of PSH).
2. INFORMATION ON THE LEASE AND LAND
Wisma Char Yong is a 16-storey office building located at No. 89, Jalan Ampang, 50450 Kuala
Lumpur, Malaysia which includes 3 levels of car park (the “Building”). The lease term is for
60 years from October 2011 to October 2071. The Building has a net lettable area of 148,361
sq ft.
The Land is made up of six (6) lots of adjoining vacant freehold land with a total area of
approximately 12,009 sq ft.
3. CONSIDERATION
The consideration for the Acquisition was negotiated at arms’ length and concluded on a
willing-buyer willing-seller basis. The Company will fund its share (that is, 70%) of the
consideration, which amounts to approximately RM7.42 million (equivalent to
approximately S$2.98 million based on an exchange rate of RM2.49 : S$1.00 as at 3
November 2011), from the proceeds of the Company’s rights issue completed in December
2009 and the placement completed in November 2010. The remaining 30% of the
consideration, amounting to approximately RM3.18 million (equivalent to approximately
S$1.28 million based on an exchange rate of RM2.49 : S$1.00 as at 3 November 2011), will
be paid by the other two shareholders of PSH who collectively hold the remaining 30%
interest in PSH.
4. RATIONALE FOR THE ACQUISITION
The acquisition of the Lease was carried out for the purpose of generating another income
stream for the Group through property management. The Company is considering several
options including development of the Land and will make the necessary announcements in
due course.
------------
22nd Oct 2010:
The Board of Directors of the Company (the “Board”) wishes to announce that pursuant to two (2) placement letters both duly signed on 22 October 2010 (the “Placement Letters”), the Company has agreed to allot and issue the Placement Shares in equal proportions of up to 12,325,000 ordinary shares in the capital of the Company (“Shares”) to each of the two individuals, Dato’ Sri Anthony Francis Fernandes and Dato’ Kamarudin Meranun (the “Placees”), respectively and the Placees have agreed to subscribe for the Placement Shares at an issue price of S$0.175 per Placement Share (“Issue Price”), amounting to a maximum aggregate consideration of S$4,313,750.00, and on the terms and conditions of the Placement Letters.
The Issue Price is equivalent to the volume-weighted average market price of S$0.175 for each Share, based on trades done on the Singapore Exchange Securities Trading Limited (the “SGXST”) on 22 October 2010, being the full market day during which Shares were traded on the date of the Placement Letters. The Placement Shares represent approximately 17.51% of the total number of issued Shares of 140,801,344 as at the date of this Announcement or 14.90% of the enlarged number of issued Shares of 165,451,344 upon completion of the Placement.
------------
May 2010:
The Board of Directors (the “Board”) of Plato Capital Limited (the “Company”) wishes to announce that it has on 10 May 2010 entered into a joint venture agreement (the “Agreement”) with Tune Hotels.com Limited (“Tune Hotels Labuan”) to own, develop and/or operate Tune Hotels-branded limited service hotels (the “Joint Venture”).
The Board is of the view that the formation of the Joint Venture is in line with the Company’s business strategies and future plans as stated in the Company’s circular dated 9 October 2009 (the “Circular”). In particular, the Joint Venture is consistent with the Company’s objective of diversifying into the hospitality business.
The Joint Venture will supercede the proposed investment in Amala Strategic Growth Opportunities One Limited, a private equity fund that was intended to be jointly set up by the Company and certain other persons (the “Intended JV Fund”). The deployment of funds from the Intended JV Fund to the Joint Venture continues to meet the Company’s investment objectives in developing the hospitality business and allows the Company an opportunity to partner with an established hotel operator and brand with greater input and control in the investment decision process.
www.theage.com.au/travel/review-australias-first-tune-hotel-20131022-2vy4r.html
www.thestar.com.my/Travel/Oceania/2013/10/07/Australias-first-Tune-Hotel.aspx
www.brisbanetimes.com.au/photogallery/travel/inside-australias-first-tune-hotel-20131021-2vws3.html
www.abc.net.au/news/2013-10-21/tune-hotels-shares-their-secrets-to-success/5036126
------------------
Mon Nov 21, 2011 1:05 pm
Tks for the emails. As I currently own over 3.5% of this company, I would rather not comment too much on this company. Instead, what I will do is to post the latest relevant announcements here. The latest announcements suggest that this company may finally be on the move.
Wisma Char Yong along Ampang Road appears to be a substantial property which I think they bought at a really good price.
Earlier, they bought a hotel site in Edinburgh and built Tune Hotel Edinburgh, opposite Haymarket Station:
Post script additions:
Tune Hotel Ipoh
Tune Hotel, Melbourne
------------------
4th Nov 2011
The Board of Directors (the “Board” or the “Directors”) of Plato Capital Limited (the
“Company” and together with its subsidiaries, the “Group”) is pleased to announce that the
Company had through its subsidiaries, entered into agreements (the “Agreements”) to
acquire a 60-year lease of an office building known as Wisma Char Yong (the “Lease”) and six
(6) lots of adjoining vacant freehold land (the “Land”) (collectively, the “Acquisition”) at a
total consideration of RM10.6 million (equivalent to approximately S$4.26 million based on
an exchange rate of RM2.49 : S$1.00 as at 3 November 2011). The Acquisition was
transacted in two parts as follows:
1) The Lease is to be registered in the name of Plato-Straits Heritage Sdn. Bhd. (“PSH”)
(a 70%-owned subsidiary of the Company); and
2) The Land is to be registered in the name of Plato-Straits Heritage Properties Sdn.
Bhd. (“PSHP”) (a wholly-owned subsidiary of PSH).
2. INFORMATION ON THE LEASE AND LAND
Wisma Char Yong is a 16-storey office building located at No. 89, Jalan Ampang, 50450 Kuala
Lumpur, Malaysia which includes 3 levels of car park (the “Building”). The lease term is for
60 years from October 2011 to October 2071. The Building has a net lettable area of 148,361
sq ft.
The Land is made up of six (6) lots of adjoining vacant freehold land with a total area of
approximately 12,009 sq ft.
3. CONSIDERATION
The consideration for the Acquisition was negotiated at arms’ length and concluded on a
willing-buyer willing-seller basis. The Company will fund its share (that is, 70%) of the
consideration, which amounts to approximately RM7.42 million (equivalent to
approximately S$2.98 million based on an exchange rate of RM2.49 : S$1.00 as at 3
November 2011), from the proceeds of the Company’s rights issue completed in December
2009 and the placement completed in November 2010. The remaining 30% of the
consideration, amounting to approximately RM3.18 million (equivalent to approximately
S$1.28 million based on an exchange rate of RM2.49 : S$1.00 as at 3 November 2011), will
be paid by the other two shareholders of PSH who collectively hold the remaining 30%
interest in PSH.
4. RATIONALE FOR THE ACQUISITION
The acquisition of the Lease was carried out for the purpose of generating another income
stream for the Group through property management. The Company is considering several
options including development of the Land and will make the necessary announcements in
due course.
------------
22nd Oct 2010:
The Board of Directors of the Company (the “Board”) wishes to announce that pursuant to two (2) placement letters both duly signed on 22 October 2010 (the “Placement Letters”), the Company has agreed to allot and issue the Placement Shares in equal proportions of up to 12,325,000 ordinary shares in the capital of the Company (“Shares”) to each of the two individuals, Dato’ Sri Anthony Francis Fernandes and Dato’ Kamarudin Meranun (the “Placees”), respectively and the Placees have agreed to subscribe for the Placement Shares at an issue price of S$0.175 per Placement Share (“Issue Price”), amounting to a maximum aggregate consideration of S$4,313,750.00, and on the terms and conditions of the Placement Letters.
The Issue Price is equivalent to the volume-weighted average market price of S$0.175 for each Share, based on trades done on the Singapore Exchange Securities Trading Limited (the “SGXST”) on 22 October 2010, being the full market day during which Shares were traded on the date of the Placement Letters. The Placement Shares represent approximately 17.51% of the total number of issued Shares of 140,801,344 as at the date of this Announcement or 14.90% of the enlarged number of issued Shares of 165,451,344 upon completion of the Placement.
------------
May 2010:
The Board of Directors (the “Board”) of Plato Capital Limited (the “Company”) wishes to announce that it has on 10 May 2010 entered into a joint venture agreement (the “Agreement”) with Tune Hotels.com Limited (“Tune Hotels Labuan”) to own, develop and/or operate Tune Hotels-branded limited service hotels (the “Joint Venture”).
The Board is of the view that the formation of the Joint Venture is in line with the Company’s business strategies and future plans as stated in the Company’s circular dated 9 October 2009 (the “Circular”). In particular, the Joint Venture is consistent with the Company’s objective of diversifying into the hospitality business.
The Joint Venture will supercede the proposed investment in Amala Strategic Growth Opportunities One Limited, a private equity fund that was intended to be jointly set up by the Company and certain other persons (the “Intended JV Fund”). The deployment of funds from the Intended JV Fund to the Joint Venture continues to meet the Company’s investment objectives in developing the hospitality business and allows the Company an opportunity to partner with an established hotel operator and brand with greater input and control in the investment decision process.
